Complaint Review: ASC (America's Servicing Company) - Nationwide
- ASC (America's Servicing Company) Nationwide USA
- Phone: 800-842-7654
- Web: ASC.com
- Category: Unusual Rip-Off
ASC (America's Servicing Company) Wells Fargo owned company Paid large sum to lower principal, new amount added to principal Des Moines Iowa
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I called in advance to determine how my Home Equity Loan would be affected by me paying around $85,000 toward the principal. I asked if there would be an early payment penallty. The answer was 'no'. I was current on all my payments. I sent the $85,000 check, marked 'apply to principal only'. It was sent 'Certified, Return Receipt Requested'. The lender received the payment on March 2. I also sent my monthly payment of $731.28 thru my bank to be delievered March 6 so it would get there after the large principal check, specifically so that my March 6 payment would have more money going toward the principal after the $85,000 was applied to my loan. I was told by the representative that the $731.28 would have a very small amount (around $90 applied to interest by sending it later than the check of $85,000), thus allowing a higher amount to be applied to my principal from the regular March payment which would not be posted until after the $85,000 had been posted. A statement I received from the lender shows that ASC posted the $731.28 to my account on March 6 (instead of the date they received it of March 2.....this gave ASC 5 days to post that regular monthy payment to my account but they chose to post it before they posted my $85,000 check which arrived there on March 2. One representative stated during a call I made on Friday, March 13, that they needed to satisfy my March payment before they could post the $85,000 principal amount to my loan. On the statement that arrived at my address on Saturday, March 14, they also note that 'the $84,288.72 is unapplied at that time (That check was for $85,000). What I found out they did with the $85,000.00 check I sent they applied $731.28 to my April payment which isn't even due until April 1 (they have told me the monthly payment has a 10 day grace period). Before I mailed in the $85,000 check for principal only, I had a balance of $111,344.36, so subtracting the $85,000 from that balance left a balance of $26,344.36. Subtract the March payment principal payment of approx. $600 from that and the balance should be approximately $25,744.36. ASC shows a balance of $26,539.83, which is definitely incorrect. Somewhere in the figures they added $795.44. That is outrageous and questionable business practices...fraudulent. By the way, they tried their best to get me to refinance. Even after I told them definitely no, they have sent 2 refi packages in the mail to me since then. They even took out a payment for April for $731.28 with the greater amount applied to interest instead of to the principal....after the $85,000.00 was applied! Imagine that!
This report was posted on Ripoff Report on 03/14/2015 11:48 PM and is a permanent record located here: https://www.ripoffreport.com/reports/asc-americas-servicing-company/nationwide/asc-americas-servicing-company-wells-fargo-owned-company-paid-large-sum-to-lower-princ-1215836. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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